Larger Loan - Example of £6500.00 loan repaid over 36 months 

A member who has savings of £2000.00 and has previously repaid a credit union loan applies for a £6500 loan to purchase a car and wishes to repay this loan over 36 months.

Repayment example: 36 payments of £225.00  (£8100)             

Breakdown of repayments: 

Loan repaid                 £6500.00

Interest paid               £  986.81

Added to savings         £  613.19

Total Paid                   £8100.00


In this example, the loan interest is only £986.81 (APR 9.9%) and the 
member will also add £613.19 to their savings.
(Assuming regular monthly payments of £225 (£210 towards loan repayment & interest and £15 to savings each month) 

Whilst every care has been made in the production of this document, the Credit Union, or its staff, cannot be held responsible for any omissions, errors or other mistakes made herein. This document is for illustrative purposes only, so as to give an overview of the potential cost of borrowing.